Gas Prices May Rise for Holiday Travel

If driving is part of your Fourth of July plans, be prepared for higher gas prices. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says prices at the pump may go up, to catch up with crude oil prices. “Initially, crude oil prices slumped late last week on the Brexit vote,” he says. “They have recovered, and meanwhile, gas prices have continued to slide. That may set up the situation for a possible increase in price.”

But he says if crude oil prices reverse, that might push off an increase in retail gas prices to next week. Overall, though, DeHaan expects prices in Indiana to remain relatively low for the rest of the summer, “It does appear that prices peaked back in early June, and that from here on out this summer, barring any major events, we could see gas prices in the low-to-mid two-dollar range.”

He adds this summer is on track to be the cheapest at the pump since 2005.